“Areas of social responsibility are expanding” – Explain

Social responsibility is a voluntary effort on the part of business to take various steps to satisfy the expectation of the different interest groups./ 1. Public Image : The activities of business towards the welfare of the society earn goodwill and reputation for the business. The earnings of business also depend upon the public image of its activities./ 2. Government Regulation: To avoid government regulations businessmen should discharge their duties voluntarily. For example, if any business firm pollutes the environment it will naturally come under strict government regulation, which may ultimately force the firm to close down its business./ 3. Survival and Growth: Every business is a part of the society. So for its survival and growth, support from the society is very much essential./ 4. Employee satisfaction: Besides getting good salary and working in a healthy atmosphere, employees also expect other facilities like proper accommodation, transportation, education and training./ 5. Consumer Awareness: Now-a-days consumers have become very conscious about their rights. They protest against the supply of inferior and harmful products by forming different groups.